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Australia’s rental market has experienced record-tight vacancy rates and explosive rental growth over the past five years.
The nation’s vacancy rate fell to a record low of 1.5% in September 2025 and, as of January 2026, was tracking at 1.7%—well below the pre-COVID level:
Chart by Justin Fabo at Antipodean Macro
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.